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Online fast-fashion group Shein has a back-up plan to seek a listing in Hong Kong, as its ambition for an initial public offering in London encounters rising scrutiny in the UK and China. While a London flotation could fetch the China-founded ecommerce group a £50bn market valuation — marking a blockbuster success for the UK’s otherwise lacklustre capital markets — Shein is also facing pushback over the plan.
“If CSRC didn’t approve of London, they would likely have signalled that to Shein. So the fact they went forward in London means it’s unlikely CSRC has a preference for Hong Kong over London,” said Ming Liao, founder of Prospect Avenue Capital, a Beijing-based venture capital fund.
https://www.ft.com/content/3f926433-2e00-4e5e-842b-136250920f6b
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